Registration of closed corporation

The main information on the registration of this type of legal from:

• There can be no more than fifty founders of this type of legal form. It can be both legal person and individual person, resident and non-resident of the Republic of Belarus.
• Closed corporation can be both with and without foreign investment. Closed corporation can be joint, and the one based on foreign capital only – foreign closed corporation. In case of registration of closed corporation with foreign investment the authorized fund must be formed during two years since the date of registration, and the size of foreign investment must be no less than 20 000$ USD. 50% of it must be payed in during the first year of its activity. In case of registration of closed corporation without foreign investment the minimal amount of authorized fund estimated as 100 basic amounts, and forming of authorized fund must be done before the registration of legal body.
• Authorized fund can be formed by means of bank deposit to which will be transferred the sum of authorized fund. The fund also can be formed at the expense of property evaluated in accordance with legislation; authorized fund is divided into shares and is formed out from their principal value.
• The participant of closed corporation can dispone stocks which belong to him by approbation of other stockholders and (or) to limited circle of people only, established at the general meeting.
• Legal address of limited company can be situated in uninhabited premises only.
• The superior authority of closed corporation is general meeting of participants, executive body – director (government, directorate). General meeting also can create authority - committee of directors.
• Accounting can’t be provided by the owner. Responsible for accounting can be either staff accountant or outsourcing company which provides this service on contract basis.